Abu Dhabi grants virtual asset brokerage approval to Rain

Crypto firm Rain was granted permission to operate as a virtual asset brokerage and custody service provider by Abu Dhabi's financial regulator.

The brokerage will offer institutional and retail clients in the UAE the ability to buy, sell and store virtual assets. In addition, users of the platform will be able to on- and off-ramp to the UAE dirham.

The platform received financial services permission from Abu Dhabi's Financial Services Regulatory Authority on Tuesday, 

“With this license, we can now offer our customers an even greater level of security and trust, as we continue to drive innovation and growth in the virtual assets space. Rain now offers the only regulated on-ramp and off-ramp of AED into virtual assets in the UAE," Rain CEO Joseph Dallago said.

Abu Dhabi digital asset ecosystem

The cryptocurrency platform received an in-principle approval for an FSP from the Abu Dhabi Global Market’s in 2022. Rain markets itself as "the simplest way to trade crypto across the Middle East."

"With the inclusion of companies like Rain, we are continuously trying to add value to Abu Dhabi’s digital asset ecosystem," chief of market development at ADGM Arvind Ramamurthy added. "This is while also supporting the diversification of our flourishing economy."